JPMorgan Chase & Co. announced two new co-presidents on Thursday.
Doug Petno and Troy Rohrbaugh were named co-CEOs of the Commercial and Investment Bank, and co-presidents of the company. Petno will be the CEO of the CIB, while Rohrbaugh will be the CEO of Consumer and Community Banking.
The promotions of the two men are part of the JPMorgan Chase & Co.’s Board of Directors ongoing succession planning process to ensure continuity and leadership at the company’s highest levels, following the announcement by Marianne Lake, current CEO of CCB that she would retire. Lake has been with the company for more than 25 years and will work with Rohrbaugh and others to ensure a smooth transition.
“The decision to elevate Doug and Troy to Co-Presidents and heads of the company’s two largest businesses reflects the Board’s confidence in their extraordinary leadership capabilities, business performance, relationships, experience and commitment to always doing the right thing,” Dimon said.
Other leadership roles, including Mary Erdoes, CEO of Asset & Wealth Management, and Jennifer Piepszak, Chief Operating Officer, remain unchanged. The two new Co-Presidents, as well as Erdoes and Piepszak, will continue to report to Dimon.
“The changes announced today mark an important step in our Board’s thoughtful process around succession planning and development of our top leaders,” Jamie Dimon, chairman and CEO, said. “We are fortunate to have in place an exceptional group of senior leaders, not only at our Operating Committee level but across our organization, and I’ve never been more excited about the future of JPMorgan Chase.”